MIRA INFORM REPORT

Report No. :	515158
Report Date :	23.06.2018

IDENTIFICATION DETAILS

Name :	KONIG DISTRIBUTION, JSC.
Registered Office :	Ziepniekkalna 21B, Riga, LV-1004
Country :	Latvia
Financials (as on) :	31.12.2017
Date of Incorporation :	10.11.2005
Com. Reg. No.:	40003781777
Legal Form :	AS (JSC by Latvia law)
Line of Business :	Wholesale of food products, household chemical/goods, alcohol drinks According to company's website data: Main business areas of the company: Distribution of food products; Distribution of household products; Distribution of household chemicals; Distribution of alcohol; Distribution of cosmetics products; Providing service in HoReCa sector; Providing marketing and logistics services.
No. of Employees :	87

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 360 000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

LATVIA - ECONOMIC OVERVIEW

Latvia is a small, open economy with exports contributing more than half of GDP. Due to its geographical location, transit services are highly-developed, along with timber and wood-processing, agriculture and food products, and manufacturing of machinery and electronics industries. Corruption continues to be an impediment to attracting foreign direct investment and Latvia's low birth rate and decreasing population are major challenges to its long-term economic vitality.

Latvia's economy experienced GDP growth of more than 10% per year during 2006-07, but entered a severe recession in 2008 as a result of an unsustainable current account deficit and large debt exposure amid the slowing world economy. Triggered by the collapse of the second largest bank, GDP plunged by more than 14% in 2009 and, despite strong growth since 2011, the economy took until 2017 return to pre-crisis levels in real terms. Strong investment and consumption, the latter stoked by rising wages, helped the economy grow by more than 4% in 2017, while inflation rose to 3%. Continued gains in competitiveness and investment will be key to maintaining economic growth, especially in light of unfavorable demographic trends, including the emigration of skilled workers, and one of the highest levels of income inequality in the EU.

In the wake of the 2008-09 crisis, the IMF, EU, and other international donors provided substantial financial assistance to Latvia as part of an agreement to defend the currency's peg to the euro in exchange for the government's commitment to stringent austerity measures. The IMF/EU program successfully concluded in December 2011, although, the austerity measures imposed large social costs. The majority of companies, banks, and real estate have been privatized, although the state still holds sizable stakes in a few large enterprises, including 80% ownership of the Latvian national airline. Latvia officially joined the World Trade Organization in February 1999 and the EU in May 2004. Latvia also joined the euro zone in 2014 and the OECD in 2016.

Source : CIA

Identification

Full Name

:

AS "Konig Distribution"

Name in English

:

Konig Distribution, JSC.

Name in national language

:

AS "Konig Distribution"

Office Address

:

Ziepniekkalna 21B, Riga, Latvia

In nat.lang.: Rīga, Ziepniekkalna iela 21B, LV-1004

Legal Address

:

Ziepniekkalna 21B, Riga, Latvia

In nat.lang.: Rīga, Ziepniekkalna iela 21b, LV-1004

Contacts

:

-	Phone	:	(+371) 67805965
-	Fax	:	(+371) 67805969
-	E-mail	:	konig@konig.lv
-	WWW	:	www.konig.lv

SUMMARY

Legal Form : AS (JSC by Latvian law)

Incorporation : 2005

Staff : 87

Litigation events : none Remarks on payments : none

Sales :	22 831 506.00 EUR ( for 12 months, ended 31.12.2017 )
	21 300 780.00 EUR ( for 12 months, ended 31.12.2016 )

Credit Opinion

Credit Limit

:

360 000 EUR Higher amounts if required may be considered with additional proper guarantees.

Incorporation

:

2005

Registration Data

Date of registration

:

10.11.2005

Registration number

:

40003781777

Registr. authority

:

Commercial Register (Latvia)

VAT number

:

LV40003781777

Registr. authority

:

Tax Board (Latvia)

Legal Form

:

AS (JSC by Latvian law)

since 10.11.2005

Share Capital

:

711 432.4 EUR (registered)

since 14.03.2014

Shareholders

:

Current data is not available, information as known as for 2012:

-	Mr Orlovs, Aleksandrs (Latvia)					41.25 %
Address			:	Vtoroj Verhne-Mihailovskij projezd 23-42, Moscow, Moscow region, Russian Federation
	( the data as of 27.01.2012 )
-	Mr Morozovs, Mihails (Latvia)					41.25 %
		address		:	Druvas iela 9, Babites pagasts, Latvia
	( the data as of 27.01.2012 )
-	Mrs Binklere, Jekaterina (Latvia)					10.00 %
		address		:	Sebruciems, Upenaju iela 5, Babites pagasts, Latvia
	( the data as of 27.01.2012 )
-	Mr Barbarovs, Viktors (Latvia)					7.50 %
		address		:	Janogu iela 14, Stopinu novads, Dreilini, Latvia
	( the data as of 27.01.2012 )

There is no obligation for JSC to file the shareholders' list at the State Register. The information on shareholders is confidential and is accessible only by inquiry of company itself/its shareholders. The shareholders' list of Public JSC is kept by Latvian Central Depository (private and confidential).

Board / Executives

Board
Supervisory Board Member	:	Mr Morozovs, Mihails (Latvia)
Deputy Supervisory Board Chairman	:	Mrs Geiba, Jelena (Latvia)
Supervisory Board Member	:	Mr Svirjajevs, Andrejs (Latvia)
Executives
Board Member	:	Mrs Binklere, Jekaterina (Latvia)
Chief Accountant	:	Mrs Blikina, Kristina (Latvia) ph.: + 371 67805968 e-mail: Kristina.Blikina@konig.lv /Information from the interview/
		( the data as of 08.03.2018 )
Authorised signature	:	Mrs Binklere, Jekaterina

Changes in Registration Data

- 23.01.2018

:

managers, authorised signature

- 04.12.2015

:

legal address

Obsolete address: Riga, Ziepniekkalna iela 21b

- 14.03.2014

:

share capital

- 05.03.2014

:

managers

- 04.12.2009

:

share capital

- 03.07.2009

:

managers, shareholders

- 27.05.2009

:

share capital

- 09.01.2009

:

managers

- 28.12.2007

:

managers

Activities

:

-	514	Groceries and Related Products
		(5139 / NACE_1.1: Non-specialized wholesale of food, beverages and tobacco)
		(4639 / NACE_2: Non-specialised wholesale of food, beverages and tobacco)

wholesale of food products, household chemical/goods, alcohol drinks According to company's website data: Main business areas of the company: Distribution of food products; Distribution of household products; Distribution of household chemicals; Distribution of alcohol; Distribution of cosmetics products; Providing service in HoReCa sector; Providing marketing and logistics services. More detailed information about brands presented see by the link: http://www.konig.lv/eng/produkcija

Staff employed

:

87

Staff History

:

-	89
	( the data as of 31.03.2018 )
-	90
	( the data as of 30.09.2017 )
-	81
	( the data as of 06.09.2016 )
-	60
	( the data as of 09.09.2015 )
-	73
	( the data as of 31.12.2014 )
-	65
	( the data as of 31.12.2013 )

Export

- 2018

:

Lithuania, Estonia

- 2017

:

Estonia, Lithuania
About 5% of turnover

- 2016

:

Estonia, Lithuania
10% of total turnover

- 2015

:

Estonia, Lithuania
Over 10% of turnover

Import

- 2017

:

Poland, Germany, Italy, Lithuania, Slovakia, Hungary, Belgium, Denmark, Ukraine, Czech Republic, Sri Lanka
About 60% of turnover

- 2016

:

Poland, Germany, Italy, Lithuania, Slovakia, Hungary, Belgium, Denmark, Ukraine, Czech Republic, Sri Lanka

- 2015

:

Over 60% of turnover.

- 2011

:

Poland, Italy, Germany, Lithuania, Slovakia, Hungary, Finland, Belgium

:

EU

Facilities

Real estate

:

rent:
-	Land, buildings, premises - Office
	size/amnt	:	1 200.00 m2
-	Land, buildings, premises - Office
	size/amnt	:	570.00 m2
-	Land, buildings, premises - Office and other buildings
	size/amnt	:	3 700.00 m2

Other Property

:

unknown ownership:
-	Other tools & equipment - Transport vehicle
	quantity	:	57.00 unit(s)

Branches

:

-	Representative office (Daugavpils, Daugavpils region, Latvia)
	address	:	Motoru iela 4r/1, Daugavpils, Daugavpils region, LV-5404, Latvia
-	Warehouse (Riga, Latvia)
	address	:	Ziepniekkalna 21B, Riga, Latvia

Subsidiaries and Participation

:

none

Bankers

:

-	Luminor
-	SWEDBANK (Latvia)
	bank code	:	HABALV22
	account(s)	:	LV71HABA0551011560266

Clients

:

About 2500-3000 Maxima, Rimi Terms: 14 to 30 days respite

Suppliers

:

About 50 EDS Baltija Johnson@Jhonson Terms: 14 to 30 days respite

Other associated Companies

:

-	Konig Eirotrans - Logistica

Litigation

:

none

No bankruptcy/insolvency records on the subject company have been found in the official sources. There was no record of any legal occurrences regarding the enquired company at the time of creating the report.

Remarks on payment

:

none

There are no records on unpaid invoices/defaulted payments noted by local debt collection companies. According to the Tax Office of Latvia the subject company doesn’t have any arrears exceeding 150 EUR as at 07.06.2018.

Business mortgages

- 03.04.2008

:

Commercial pledge
	pledgee	:	HANSABANKA AS (new name: Swedbank) (Latvia)

Financial Elements

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	EUR	EUR	EUR
BALANCE SHEET
ASSETS
NON-CURRENT ASSETS
- Intangible assets	7 951.00	10 619.00	7 263.00
- Fixed assets	389 418.00	315 479.00	291 057.00
- Investments in tangible assets
- Financial assets
- Other non-current assets
Non-current assets total	397 369.00	326 098.00	298 320.00
CURRENT ASSETS
- Stock	2 732 534.00	3 956 755.00	3 672 935.00
- Debtors	3 064 462.00	3 028 441.00	2 636 503.00
- Other receivables
- Short-term financial investments		0.00	20 012.00
- Cash	13 608.00	155 370.00	470 231.00
- Other current assets
Current assets total	5 810 604.00	7 140 566.00	6 799 681.00
Assets total	6 207 973.00	7 466 664.00	7 098 001.00
--- EQUITY AND LIABILITIES ---------
CAPITAL AND RESERVES
- Share capital	711 432.00	711 432.00	711 432.00
- Additional capital
- Other capital
- Reserve capital
- Retained earnings (Non-covered loss)	386 813.00	267 503.00	174 475.00
Capital and reserves total	1 098 245.00	978 935.00	885 907.00
Provisions			32 085.00
LONG-TERM LIABILITIES
- Loans and credits	2 547 217.00	2 700 516.00	1 943 534.00
- long-term amounts owed to banks
- Other long-term liabilities	21 261.00	162 971.00	176 117.00
Long-term liabilities total	2 568 478.00	2 863 487.00	2 119 651.00
SHORT-TERM LIABILITIES
- Loans and credits	173 916.00	29 492.00	325 224.00
- short-term amounts owed to banks	173 916.00		0.00
- Creditors	2 223 141.00	3 342 387.00	3 545 336.00
- trade debts	1 793 192.00	2 940 822.00	3 168 169.00
- accrued payroll
- tax liabilities	322 774.00	297 298.00	299 718.00
- other creditors	107 175.00	104 267.00	77 449.00
- advances received
- Dividends in arrears
- Accrued income, deferred charges	144 193.00	252 363.00	189 798.00
- Other short-term liabilities
Short-term liabilities total	2 541 250.00	3 624 242.00	4 060 358.00
Liabilities total	5 109 728.00	6 487 729.00	6 180 009.00
Equity and liabilities total	6 207 973.00	7 466 664.00	7 098 001.00

PROFIT AND LOSS ACCOUNT
ORDINARY ACTIVITY INCOME AND CHARGES
Net sales	22 831 506.00	21 300 780.00	20 158 554.00
Cost of goods sold	18 722 328.00	17 671 490.00	16 591 173.00
Gross profit	4 109 178.00	3 629 290.00	3 567 381.00
Distribution costs	5 003 038.00	4 541 439.00	4 410 285.00
Administrative and management costs	207 604.00	184 608.00	178 057.00
Profit on sales
OPERATING INCOME AND CHARGES
Interest receivable	7 322.00	7 238.00	33 554.00
Interest payable	5 317.00	11 096.00	17 694.00
Income from participating interests
Other operating income	1 363 591.00	1 312 676.00	1 264 680.00
Other operating charges	120 010.00	117 950.00	175 995.00
Operating profit
INVESTMENT INCOME AND CHARGES
Investment income less charges
Profit before taxation	144 122.00	94 111.00	83 584.00
Income-tax and other similar payments	24 812.00	14 229.00	16 513.00
Profit (loss) from ordinary activity
Extraordinary income less charges		0.00
Net profit	119 310.00	79 882.00	67 071.00
- - - - - - - KEY RATIOS - - - - - - -
Return on sales, %	0.63	0.44	0.41
Profit before taxation / Net sales
Operating margin of profit, %
Operating profit / Net sales
Return on investment, %	13.12	9.61	9.43
Profit before taxation / Equity
Current assets turnover	3.93	2.98	2.96
Net sales / Current assets
Working capital	3 269 354.00	3 516 324.00	2 739 323.00
Current assets - Short-term liabilities
Leverage	0.18	0.13	0.12
Equity / Total assets
Current ratio	2.29	1.97	1.67
Current assets / Short-term liabilities
Quick ratio	1.21	0.88	0.77
(Current assets - Stock) / Short-term liabilities
Debt-to-equity ratio	4.65	6.63	6.98
Total liabilities / Equity
Debtor days	48.99	51.89	47.74
Debtors / Net sales *365
Creditor days	34.96	60.74	69.70
Trade debts / Cost of goods sold *365

FINAL COMMENTS

We contacted company's Chief accountant Mrs Kristina Blikina by the phone number + 371 67805968 and she provided the general information about the company.

Capital History

- 13.01.2011	:	500 000 LVL (registered)
		( the data as of 27.01.2012, cancelled since 14.03.2014 )
- date n/a	:	400 000 LVL (registered)
		( the data cancelled as of 13.01.2011 )

Financial Statements

Period, months	12	12	12
Ended	31.12.2017	31.12.2016	31.12.2015
Currency	EUR	EUR	EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	22 831 506.00	21 300 780.00
a) from agricultural activities
b) from other operating activities
020 Cost of sales	-18 722 328.00	-17 671 490.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	4 109 178.00	3 629 290.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-5 003 038.00	-4 541 439.00
050 Administrative expenses	-207 604.00	-184 608.00
060 Other operating income	1 363 591.00	1 312 676.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-120 010.00	-117 950.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	7 322.00	7 238.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
a) Long-term financial investments in associated companies
110 Interest payable and similar charges	-5 317.00	-11 096.00
120 Profit or loss on ordinary activities before taxation
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation
160 Income-tax for fiscal period	-24 812.00	-14 229.00
165. Profit after corporate income tax
170 Other taxes
175 Deferred Income-tax for fiscal period		0.00
176 Minority profit or loss
178 Extraordinary dividend
180 Profit or loss for fiscal period	119 310.00	79 882.00
b) other operating activites
b) from other persons
190 Minority profit or loss
200 Profit or loss after taxation and minority interests
370 Profit or loss on ordinary	144 122.00	94 111.00
activities before taxation
380 Profit after tax for the year
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.	128.00	238.00
021 Other intangible assets	7 823.00	10 381.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	7 951.00	10 619.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	389 418.00	315 479.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	389 418.00	315 479.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
a) of group companies
b) other persons
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	397 369.00	326 098.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	1 641.00	1 718.00
220 Work in progress
225 Work in progress and orders
230 Finished goods and goods for resale	2 706 516.00	3 955 037.00
240 Orders outstanding
250 Payments on account	24 377.00
255 Animals and plants
256 a) the animals and planting annuals
260 Working and productive animals
270 Total stock	2 732 534.00	3 956 755.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	2 467 801.00	2 400 172.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	476 150.00	518 078.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
335 Other loans
340 Prepayments and accrued	37 477.00	15 062.00
341 Accrued income	83 034.00	95 129.00
343 Deferred tax liabilities
350 Total debtors	3 064 462.00	3 028 441.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives		0.00
390 Total securities and shares		0.00
400 Cash at bank and in hand (total)	13 608.00	155 370.00
410 CURRENT ASSETS TOTAL	5 810 604.00	7 140 566.00
420 BALANCE	6 207 973.00	7 466 664.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	711 432.00	711 432.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
510 Retained earnings	267 503.00	187 621.00
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years
520 Profit or loss for the current year	119 310.00	79 882.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	1 098 245.00	978 935.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions
561 Provisions for vacations
570 PROVISIONS TOTAL
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	2 547 217.00	2 700 516.00
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year	21 261.00	162 971.00
633 Non-paid dividends of previous years
634 Deferred tax liabilities		0.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	2 568 478.00	2 863 487.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	173 916.00
671 Other loans	0.00	29 492.00
680 Advanced payments received
690 Trade debts	1 793 192.00	2 940 822.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	322 774.00	297 298.00
740 Other creditors	107 175.00	104 267.00
750 Deferred income	930.00	4 044.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	143 263.00	248 319.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	2 541 250.00	3 624 242.00
790 Creditors, total
800 BALANCE	6 207 973.00	7 466 664.00
990 Employees number	87.00	85.00

- 31.12.2015

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	20 158 554.00
020 Cost of sales	-16 591 173.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	3 567 381.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-4 410 285.00
050 Administrative expenses	-178 057.00
060 Other operating income	1 264 680.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-175 995.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	33 554.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-17 694.00
120 Profit or loss on ordinary activities before taxation	83 584.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	83 584.00
160 Income-tax for fiscal period	-21 169.00
170 Other taxes
175 Deferred Income-tax for fiscal period	4 656.00
176 Minority profit or loss
180 Profit or loss for fiscal period	67 071.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
A S S E T S
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.	348.00
021 Other intangible assets	6 915.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	7 263.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	291 057.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	291 057.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	298 320.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	1 394.00
220 Work in progress
230 Finished goods and goods for resale	3 671 541.00
240 Orders outstanding
250 Payments on account
260 Working and productive animals
270 Total stock	3 672 935.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	2 248 883.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies
310 Other debts	311 435.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
335 Other loans
340 Prepayments and accrued	18 285.00
341 Accrued income	57 900.00
343 Deferred tax liabilities
350 Total debtors	2 636 503.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives	20 012.00
390 Total securities and shares	20 012.00
400 Cash at bank and in hand (total)	470 231.00
410 CURRENT ASSETS TOTAL	6 799 681.00
420 BALANCE	7 098 001.00
L I A B I L I T I E S
CAPITAL AND RESERVES
430 Share capital	711 432.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	107 404.00
520 Profit or loss for the current year	67 071.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	885 907.00
535 Minority interest
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	32 085.00
561 Provisions for vacations
570 PROVISIONS TOTAL	32 085.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	1 943 534.00
602 Advanced payments received
603 Trade debts
604 Bills of exchange payable
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years	162 971.00
634 Deferred tax liabilities	13 146.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	2 119 651.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	0.00
671 Other loans	325 224.00
680 Advanced payments received
690 Trade debts	3 168 169.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	299 718.00
740 Other creditors	77 449.00
750 Deferred income	20 000.00
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	169 798.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	4 060 358.00
790 CREDITORS TOTAL	6 180 009.00
800 BALANCE	7 098 001.00
990 Employees number

- 31.12.2014

:

Fiscal period: 12 month(s), currency: EUR
PROFIT AND LOSS ACCOUNT
010 Net turnover	19 373 026.00
020 Cost of sales	-15 948 469.00
025 Change in stock, finished and semi-finished goods
030 Gross profit or loss	3 424 557.00
035 Facilities produced at the expense of own funds for internal use
040 Distribution costs	-3 971 744.00
050 Administrative expenses	-80 035.00
060 Other operating income	768 335.00
062 Economical expenses
064 Gross profit or loss
065 Administrative charges
067 Depreciation of fixed assets
068 Other operating expenses	-76 596.00
070 Income from participating interests
080 Income from securities and loans forming long-term
investments
090 Other interest receivable and similar income	42 665.00
100 Value adjustments in respect of financial assets and
of investments held as current assets
110 Interest payable and similar charges	-16 263.00
120 Profit or loss on ordinary activities before taxation	90 919.00
130 Extraordinary income
140 Extraordinary charges
150 Extraordinary profit or loss before taxation
151 Profit or loss before taxation	90 919.00
160 Income-tax for fiscal period	-19 335.00
170 Other taxes	0.00
175 Deferred Income-tax for fiscal period	-9 444.00
180 Profit or loss for fiscal period	62 140.00
995 Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
BALANCE SHEET
ASSETS
NON-CURRENT ASSETS
Intangible assets
010 Cost of research and development
020 Concessions, patents, licences, brands, etc.	458.00
021 Other intangible assets	10 947.00
030 Goodwill
040 Payments on account for intangible assets
050 Total intangible assets	11 405.00
Tangible assets
060 Real estate
061 Long-term investments in leased tangible assets
070 Plant and machinery
080 Other fixtures and fittings, tools and equipment	338 720.00
090 Payments on account and tangible assets in cours
of construction
091 Prepayment for tangible assets
100 Total tangible assets	338 720.00
III Investment property, total
107 Total biological assets
Financial assets
110 Shares in subsidiaries
120 Loans to subsidiaries
130 Shares in related companies
140 Loans to related companies
150 Other securities and capital participation
160 Other loans
170 Own shares and parts
180 Loans to the members of the company and
the management
182 Trade debtors
184 Deferred income tax asset
190 Total financial assets
200 NON-CURRENT ASSETS TOTAL	350 125.00
CURRENT ASSETS
Stock
210 Raw materials and consumables	1 493.00
220 Work in progress
230 Finished goods and goods for resale	3 101 501.00
240 Orders outstanding
250 Payments on account
260 Working and productive animals
270 Total stock	3 102 994.00
275 LONG-TERM INVESTMENT ASSETS WITHHELD
FOR SALE
Debtors
280 Trade debtors	2 336 083.00
290 Amounts owed by subsidiaries
300 Amounts owed by related companies	445 401.00
310 Other debts	242 251.00
320 Subscribed capital called but not paid
330 Short-terms loans to the members of the company
and the management
335 Other loans
340 Prepayments and accrued	22 051.00
341 Accrued income
343 Deferred tax liabilities
350 Total debtors	3 045 786.00
Securities current assets and short-term capital
participations
360 Shares in subsidiaries
370 Own shares and parts
380 Other securities and capital participation
385 Financial derivatives
390 Total securities and shares
400 Cash at bank and in hand (total)	148 321.00
410 CURRENT ASSETS TOTAL	6 297 101.00
420 BALANCE	6 647 226.00
LIABILITIES
CAPITAL AND RESERVES
430 Share capital	711 432.00
440 Share premium account
450 Long-term assets revaluation reserve
Reserves
452 Financial instruments revaluation reserve
460 Reserve stipulated by law
470 Reserve for own shares and parts
480 Reserve provided by charter
490 Other reserves
500 Total reserves
Retained earning or uncovered losses
510 Profit or loss brought forward from previous years	107 404.00
520 Profit or loss for the current year	62 140.00
505 Equity, total
525 Consolidation margin
530 CAPITAL AND RESERVES TOTAL	880 976.00
PROVISIONS
540 Provisions for pensions and similar obligations
550 Provisions for taxation
560 Other provisions	21 645.00
561 Provisions for vacations
570 PROVISIONS TOTAL	21 645.00
CREDITORS
Long-term liabilities
580 Debenture loans
590 Convertible loans
600 Amounts owed to credit institutions
601 Other loans	2 332 938.00
602 Advanced payments received
603 Trade debts
610 Amounts owed to subsidiaries
620 Amounts owed to related companies
621 Taxes and social security payments
630 Other creditors
631 Deferred income
632 Non-paid dividends of current year
633 Non-paid dividends of previous years	162 971.00
634 Deferred tax liabilities	17 802.00
635 Accrued liabilities
636 Leasing liabilities
640 Total long-term liabilities	2 513 711.00
Short-term liabilities
650 Debenture loans
660 Convertible loans
670 Amounts owed to credit institutions	184 001.00
671 Other loans	256 334.00
680 Advanced payments received
690 Trade debts	2 402 440.00
700 Bills of exchange payable
710 Amounts owed to subsidiaries
720 Amounts owed to related companies
730 Taxes and social security payments	281 800.00
740 Other creditors	32 986.00
750 Deferred income
760 Fiscal period dividends
770 Non-paid dividends of previous years
771 Accrued charges	73 333.00
773 Deferred tax liabilities
774 Obligations for state funds exploitation
775 Alienated financial instruments
776 Leasing obligations
995 Depreciation
780 Total short-term liabilities	3 230 894.00
790 CREDITORS TOTAL	5 744 605.00
800 BALANCE	6 647 226.00
990 Employees number

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.19
UK Pound	1	INR 89.58
Euro	1	INR 78.79
Euro	1	INR 79.01

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	SUJ

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.